If you have the time, budget, and know-how, it’s fairly easy to begin growing your wealth through trading. There are many financial instruments you can trade, but one that’s popular for those that want to make gains in a short period of time often divulge themselves in the forex exchange.
Forex trading is basically the practice of trading one currency to another. If you time buying and selling currencies right, you’ll be able to make small gains in a matter of minutes. Those who’ve mastered the art of forex trading will tell you that the broker app you choose can determine how successful you can become.
A forex broker is basically the trading platform that you use to trade currencies, stocks, cryptos, or other financial instruments in. It’s very important that you pick the right one. It’s not just about picking the platform with the best deal, it’s also about guaranteeing your safety as well. Here are a few tips on picking the best broker app.
Check The Fees
One of the main differences between all broker platforms is the account minimums and fees. Account minimums are basically the minimum amount of cash that you can deposit and withdraw. As for the fees, these are usually taken whenever you cash in and cash out of your account.
The good news is that platforms are very open about this aspect of their business. You should immediately check these sections of forex trading apps before you consider them. These are usually found within the FAQs section of a platform or even while you are making your account.
A good way to pick based on account minimums is by making a list of all your prospect forex apps, and then listing down their prices. The differences are not that big at first, but in the long run, a cent you save on one platform is going to be worth more than a few dollars in the future.
Customer Service Is A Must
With something as sensitive as finances, it is very important that the app you are using is supported by a company that is very easy to reach out to. Simply put, find an app that has quality customer service. It would be best if people get back to you after a request in a short amount of time.
The best apps have many means to be contacted for customer service. The common mediums for contacting include email, telephone, and chatbots. 24/7 chat support is ideal as this is the best way to have your problems fixed as soon as possible, even when you contact customer support during late hours.
Accessibility is a very important feature. You never know when something happens to your money while you’re cashing in or withdrawing.
Pick One That’s Licensed And Registered
Almost every nation out there regulates the financial sector. This includes brokers, investment platforms, and other financial institutions. The best broker apps you can use are those that have been licensed and registered on said regulatory agencies, which depend on where you are.
This is an important thing to look for, as brokers will not be registered or licensed by a regulatory commission if it doesn’t pass the set standards. What this means is that those that don’t pass might be lacking in certain areas, including transparency and security.
Most broker apps will immediately reveal whether or not they are licensed and registered. Make sure to check out if they have passed the standards of regulatory commissions, as this can really tell you a lot about the broker platform that you are using.
Find One That Accepts Cash Ins And Withdrawals From Many Outlets
An often overlooked important factor in what makes a forex app great is the number of payment platforms it is compatible with. It would be great if the app allows you to cash in through various methods, but it would be perfect if the app lets you withdraw your money in many ways as well.
At the very least, brokers should allow you to cash in and withdraw through remittance centers and through online banking. This is the bare minimum, but if a broker offers more, that would be a lot better.
Some platforms now offer transactions with PayPal and other virtual wallets. More recently, however, some brokers have begun accepting payments and withdrawals through crypto-wallets. The more options a broker gives you, the better it’s going to be, of course.
Currency Pairs That You Want
It should be a given by now, but the forex app you use should have a wide selection of currencies available. If the platform you’re using now only offers trades for USD, EUR, GBP, JPY, and other major currencies, you’re missing out on big opportunities. It’s not just this, though.
You should look for forex platforms that have a wider selection of currency pairs. These pairs will help you trade with the greatest liquidity. As a trader, you might be focusing your trades on select currencies and trading pairs, so at least make sure that a platform accommodates what you need and what interests you.
The good thing is that reviews for the best broker platforms are always within arms reach. Simply search for reviews online, and you’ll immediately see a long list of websites and forums that do reviews on the trending forex trading platforms available. This is a good way to sort the good from the bad.
When looking at reviews, try to be more objective. Check out the pros and cons of the platform instead of simply checking out their score. You should also focus on searching for user reviews instead of only publication reviews, as these are usually the ones with less bias.
Don’t rush trying to find the best broker app. You should take your time and do a lot of research. This is your money, after all, so it’s very important that you know that your money is in capable and safe hands. Hopefully, these tips help you find the best platform for your forex trading.